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IRS Plans Jan. 30 to begin the filing of tax returns

Following the January tax law changes Congress made under the American Taxpayer Relief Act (ATRA) The IRS announced that they would not be able to start accepting returns for 2012 until January 30, 2013.    These include any returns that have general business credits and/or depreciation.  This includes returns both sent to them electronically or mailed in to them.

This will enable the IRS to update the 2012 tax forms as well as complete the programming. In addition to this they will be testing their processing systems.

At this time we are able to prepare your returns and send them to a holding area to be processed starting on the 30th of January.

There are a limited number of returns that will not be able to file until the end of February. These include any returns that have general business credits and/or depreciation. 


Changes for the 2012 Tax Return

A new tax rate of 39.6% has been added for individuals whose income exceeds $400,00 (we could all only wish).  The other tax rates remain the same as in prior years.

The standard deduction has risen to $6,100 ($12,000 for married filing jointly).

The personal excemption rises to $3,900 up from $3,800 last year.

The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly with 3 or more qualifying children.